Cryptocurrencies have caused an uproar around the world. Ukraine has caught the crypto bug and the government went on to legalize digital assets in the country.
Even though the last couple of years have been overwhelming, the digital asset world was seen thriving. The market managed to lure in an array of people from celebrities to the average Joe. This further boosted the value of the overall crypto market. Soon after this, an array of countries started embracing crypto. Governments drastically changed the hostile nature that they had set for crypto assets. After being highly monitored for trading crypto, Ukrainians were finally being granted financial freedom.
As per the recently adopted draft law, Ukraine gave crypto a legal stature in the country. The country’s Ministry of Digital Transformation would reportedly streamline the implementation of regulations governing crypto assets.
The Ministry of Digital Transformation’s Anastasia Bratko addressed the same and stated that the citizens of Ukraine would be able to declare their respective incomes in digital assets. Alongside this, the ministry affirmed that they would uphold “judicial protection of the rights to virtual asset owners.”
Ukraine says to crypto
The announcement from the ministry further read,
“[..]the country will receive additional tax revenues to the budget, which will be paid by crypto companies. The adopted norms establish rules for service providers related to the circulation of virtual assets and contribute to the market’s de-shadowing.”
An array of countries have started to recognize crypto and even legalize its use. El Salvador’s move was an inspiration to many. Even though several from the country condemned this move, the fear surrounding this remains in Ukraine as well.
While legalizing it, the government revealed that there were laws put in place to protect those holding Bitcoin [BTC] along with other assets. Additionally, the government hopes to lure foreign exchange into the Ukrainian market.